Many investors leaving Ethereum because there are few developments
- Ethereum price has plummeted by huge margins in the past 6 months
- The Ethereum project might be saturated
- Bitgert has proven a perfect crypto-investment
The Ethereum has been tanking for the last few days now. The price for the Ethereum coin dropped to $1,807 in the last few days, a price that was last seen in July 2021. Although the Ethereum coin has made some recovery today, after the market got a breather, crypto experts warn the crypto market is not out of the wood yet. The coin might drop further.
Though the crashing marker might affect the Ethereum price, the issue of saturated Ethereum growth has been coming up lately. In fact, there are many investors leaving Ethereum because there are few developments that might make Ethereum explode again. The Ethereum coin might have reached the saturation level by now.
This means Ethereum may not be the most ideal crypto investment when compared to the likes of Bitgert (BRISE). Unlike Ethereum, Bitgert is still in the early development stages, and that’s why it is attracting a lot of attention. In fact, many crypto experts agree that Bitgert has the potential to explode 1000X, which might not be the case with Ethereum. Here is more about Bitgert and why it might be the best option over Ethereum:
According to crypto experts, Bitgert might be the next big coin to watch. This observation has been based on the growth and development Bitgert has posted in the last 9 months since the project launched. The Bitgert team has already built a powerful ecosystem for a 9 months-old blockchain project, which comprises of DeFi, Web3, and NFT products.
The Bitgert team has launched a revolutionary BRC20 blockchain, the fastest and the cheaper chain in the world. The Bitgert chain is faster and has cheaper gas than Ethereum. The cost of gas on the Bitgert chain is $0.0000000000001, which makes BRC20 a zero gas fee chain. Bitgert chain is also supporting 100k TPS, and its bridge enables Bitgert chain to offer high interoperability.
More Bitgert developments are coming, including the Bitgert roadmap V2, which has a lot of disruptive products. The Bitgert Startup program has 1000+ projects coming into the Bitgert ecosystem. The Centcex team is also developing products for the Bitgert ecosystem. These developments will make Bitgert explode more than Ethereum.
In conclusion, the Ethereum project has achieved so much in terms of growth and development. Therefore, there will be little development to make Ethereum explode again. But Bitgert has the potential to explode 1000x. That’s why Bitgert remains one of the best crypto investments today.
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Bitcoin, Ethereum Technical Analysis: BTC Below $30,000 To Start The Week
Following a volatile weekend of trading, cryptocurrency prices consolidated to start the week, with BTC close to its long-term floor. Overall, bitcoin was trading marginally below $30,000, with ETH hovering slightly above $2,000.
BTC started the week trading below $30,000 following a volatile weekend of trading, which saw prices mainly consolidate.
Following a rise to a peak of $31,308.19 during Sunday’s session, BTC/USD fell to an intraday low of $29,412.58 on Monday.
Today’s low has seen prices approach the long-term support level of $28,800, following a rebound from this point on Saturday.
Overall, price strength continues to hover in oversold territory, with the 14-day relative strength index (RSI) tracking at 32.44.
This is below a resistance level of 36.40, which was held on Sunday, leading to today’s selloff, as bears re-entered the market.
Should this momentum continue, we will likely see the price floor of $28,800 hit, with a chance of a potential breakout towards $25,000.
The world’s second largest cryptocurrency also started the week lower, however, it was able to stabilize above the $2,000 level for most of the session.
ETH/USD dropped to a bottom of $2,000.09 on Monday, which is around 3.27% lower than yesterday’s peak of $2,147.19
Similar to BTC, today’s drop sees ETH move closer to its price floor, which is near the $1,950 level.
As of writing, prices are trading slightly higher at $2,024.92 following previous lows. However, the 10-day moving average is still pointing to further downwards momentum.
This trend was magnified after the 35.35 resistance level on the 14-day RSI failed to break out during yesterday’s session.
As discussed earlier with bitcoin, we may inevitably see further lows in the coming days, but how low prices will drop will be the key question to ask.
Do you expect ETH to stay above $2,000 this week? Leave your thoughts in the comments below.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ethereum Hashrate Taps An All-Time High Amid This Week’s Crypto Market Meltdown
Amid the crazy week in the world of cryptocurrencies and the Bitcoin network’s mining difficulty reaching a lifetime high at 31.25 trillion, Ethereum’s hashrate tapped an all-time high on May 13, at block height 14,770,231. Cryptocurrency miners continue to dedicate large quantities of processing power toward the second-largest crypto network in terms of market capitalization.
Ethereum’s Hashrate Continues to Climb Higher
Proof-of-work (PoW) ethereum miners are working harder than ever before to mine ethereum before the upcoming Merge. While most of the attention was directed at the Terra blockchain meltdown this past week, Ethereum’s hashrate tapped an all-time high (ATH) on May 13, 2022, at block height 14,770,231.
The network reached 127 petahash per second (PH/s) that day and the processing power is currently operating at 1.18 PH/s at the time of writing. Miners have been hashing away at the Ethereum network and plan to do so up until the network’s proof-of-stake (PoS) transition.
Since June 28, 2021, Ethereum’s hashrate skyrocketed 124.33% from 0.526 PH/s to today’s 1.18 PH/s. Furthermore, since March 25, 2019, Ethereum’s hashrate has jumped 725.17%. Ethereum miners are still profiting a great deal since the crypto market downturn, as Innosilicon’s A11 Pro with 1,500 megahash per second (MH/s) can profit by $36.66 per day using today’s ether exchange rates.
A 750 MH/s miner can get $17.82 per day in ether profits and 500 MH/s can get around $11.71 per day. Presently, Ethermine.org is the largest ethereum mining pool today with 303.12 TH/s of computational power.
The second-largest ether mining pool is F2pool with 155.35 TH/s and Poolin commands the third-largest share of Ethash with 121.69 TH/s. Other notable ethereum mining operations include hiveon.net (118.59 TH/s), 2miners.com (67.36 TH/s), and flexpool.io (59.77 TH/s).
Ethereum has more than 80 mining pools or operations dedicating hashrate to the blockchain using the proof-of-work (PoW) algorithm Ethash. It’s likely ethereum miners will continue to dedicate hashrate to the blockchain up until The Merge takes place.
However, the miners mining ether will not be able to hash away at the Ethereum network after The Merge completes the transition as the chain will be fully PoS. Ethereum developer Tim Beiko, has said The Merge is likely to be pushed to the third quarter of 2022. Beiko further detailed that he “strongly suggests not investing more in mining equipment at this point.”
Tags in this story
2miners.com, ETH, Ethash, ethereum hashrate, Ethereum mining, ethereum mining operations, Ethereum Network, ethermine.org, F2Pool, Flexpool.io, hiveon.net, megahash, mining, Petahash, Poolin, PoS, PoW, Terahash, The Merge, Tim Beiko
What do you think about Ethereum’s hashrate reaching an all-time high on May 13, 2022? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
How is ‘never down or stopped’ Ethereum’s health pre-Merge
Ethereum, like most cryptos in the industry, is yet to recover from the stormy market conditions of the past week. At the time of writing, for instance, ETH was trading at $2,028, well below its ATH less than a year ago.
In fact, the altcoin was down by 0.4% in the last 24 hours and down by 23% over the last seven days, according to CoinGecko. On the charts, the Awesome Oscillator (AO) too confirmed the bearish movement of the alt with the red histogram peaking under the zero line.
Hold on! There is more…
While the price has been acting like that, what do the metrics backing it say?
Well, according to Glassnode, the number of addresses in profit hit a 16-month low of $48,834,479.232. The MVRV ratio dipped from 1.14 on 13 May to 1.11 on 14 May. This finding seemingly highlighted how the altcoin is being held at a loss by its holders.
The NVT ratio for ETH stood at 83.19 on 14 May after appreciating from 14.51 on 13 May. A higher NVT ratio again strengthens the notion of the ongoing bearish market.
Furthermore, the number of addresses ‘Sending to Exchanges’ also touched a one-month high of approximately 3,987, as per Glassnode.
Is recovery on the cards?
With the current state of ETH, the only beacon that may lead to some difference is the much-anticipated “Merge.” Ethereum’s promise to build a more secure, energy-sensitive, and efficient system may have created some buzz and triggered price changes. Alas, a temporary phase might not be enough to affect the performance of the token in the long run.
The Merge, once expected in Q1 2022, has now been pushed to Q3 or Q4 of 2022, as per the official website. However, the complicated nature of the transition from PoW to PoS, along with the looming uncertainty around whether current prices and gas fees in question would be lowered, may act as catalysts for investors.
The future looks like…
Tim Beiko, a core developer for the Ethereum Foundation, stated his reasons for the ongoing delay via an interview with Consensys. He claimed,
“Ethereum has never gone down or stopped. It was critical when we designed the merge that we have this hand-off process from Proof of Work to Proof of Stake happen without any downtime on the network.”
He further pointed out that the Merge will also drive the network’s economic security.
However, with frustration building among investors thanks to the aforementioned delays and ETH’s price action, recovery may just be a long way away.
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